Kent County reassessment plan still materializing
Kent County has yet to offer some of the details on its plan for property reassessment.
Kent County agreed to reassess all property in time for tax bills issued in 2024 as part of a legal settlement pertaining to education funding. It will be the first reassessment the county has performed since 1987.
County officials say an RFP is out for companies to perform the reassessment, but they didn’t offer an estimate as to how much it will cost.
“We have not dedicated the funds for that yet, we’re waiting for the RFP to come in,” said Kent County Finance Director Susan Durham.
New Castle County also agreed to reassess, and officials there say it will not raise property owners’ taxes to fund reassessment, promising a revenue neutral process.
New Castle County expects its reassessment will cost between $13 and $26 million and approved setting aside $30 million from its reserves to cover it.
Under state code, counties can keep a revenue bump of up to 15% after reassessment to help cover the costs.
Durham says any change in Kent County’s property tax revenue would likely go to the cost to reassess.
“If there was anything different and the county made a decision, it would be used for paying for the reassessment,” said Durham.
Durham adds Kent County hopes to have a company selected for its reassessment job by June 1st.
Sussex County has not settled the lawsuit surrounding reassessment and is scheduled to return to court early next month.